Superior Group lifts revolver to $125 million, extends by two years

By Rebecca Melvin

New York, Feb. 10 – Superior Group of Cos., Inc. increased the maximum availability under its revolving credit agreement by $50 million to $125 million, and the maturity date was extended until Feb. 8, 2026, according to an 8-K filing with the Securities and Exchange Commission.

The second amended and restated credit agreement, which was entered into with its lender Truist Bank on Feb. 8, left the variable interest rate unchanged at one-month Libor plus a margin of between 68 basis points and 150 bps, based on the company’s funded debt to EBITDA ratio.

The company paid the lender a fee of $250,000 upon entering into the credit agreement and it is required to pay a 0.15% commitment fee each year of the average unused portion of the commitment under the revolver.

The credit agreement also includes the company’s existing term loan in the original principal amount of $42 million maturing in February 2024 and existing term loan in the original principal amount of $85 million maturing in January 2026.

Superior is a uniform company based in Seminole, Fla.

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